The changing times

“My grandma belongs to that credit union” is something I frequently hear. CU’s do a great job of serving their current, aging members. But we are going to have to change our focus very soon to providing services to our younger members. To quote Debbie Matz from the Board of the NCUA:

“Members age 18-24, who are about to enter their prime borrowing years, represent only 5% of adult credit union members. It is unnerving that more than half of all adult credit union members have aged beyond their prime borrowing years and there are very few young members to replace these aging members.”
http://www.ncua.gov/news/press_releases/2005/NR05-0422.htm

CU’s need to change their mindset and starting making decisions for their future. We need not only to get these new members, but have products that fit their needs, a brand that they can associate with, and a way to provide them with greater financial opportunities.

2 thoughts on “The changing times”

  1. 5% of CU members are in the 18-24 year old bracket!? I knew CUs had a tough time in that market segment but I had no idea it was that puny. If I’d seen that stat before, this is the first time it’s really sunk in.That stat should be heavy artillery for CU marketers wanting to shift funds from printing magnetic calendars and foam koozies to professional branding services, a better online presence, and products that appeal to the younger crowd. I’ll be throwing that stat around a lot in my conversations, for sure.

  2. Thinking rather bravely and “out of the box”, here are some product offerings which credit unions MIGHT contemplate offering which might truly attract folks under age 30:1. An embarrassingly large number of credit union members (like the general public) do NOT have employer-provided health insurance. What would happen if a group of credit unions could offer members to right to purchase into a group health insurance plan at group rates??? This might be a high-deductible health plan coupled with Health Savings Accounts…. I haven’t seen any CUs offer a group health insurance plan to their members. This would be the most genuine expression of “members helping members” and attract many younger folks.2. Discounted access to co-branded High Speed Internet services.3. Discounted access to mobile phone calling plans.4. Share Savings dividend rates that make saving money and lending one’s savings to fellow members worth the bother.

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